Pointing me back to Rudds work was actually fairly useful as some of the stuff on retracements whilst basic, is of interest and something that is of immediate benefit (although Mr C had certainly said the same to me in so many words).
I am looking at some of his setups too - some of the methods he uses to decide which stocks to daytrade are interesting. As I daytrade anyway and as I select stocks each day anyway - looking at a new way of selecting stocks it is not a hardship - you can drop things that don't work anyway.
For sure - one thing I do know - most days, if you look back (as I do with various scanners I have programmed), a lot of the news stocks move cleanly and are easy to trade - many are't though. Look at VMC for yesterday:
This wasn't even on my radar ! Nothing on briefing.com, nothing on a lot of the news sites - but the night before - Cramer of all people pumping it up. Was this move because of that ? Probably not. Sector doing well ? Other times, the best movers of the day have zero news too. Of course, you have to be careful about assuming cause & effect but I do find looking at these things useful. Could be a waste of time, could lead to being better at finding movers for the day.
Also - the stuff on Bryce related to the S&P and movements that are likely to be sustained is again, very, very obvious. I just wouldn' t have thought about it myself. Now - as I watch the indices anyway - it is no great shakes for me to add the extra couple of symbols and watch them to evaluate his way of thinking.
In terms of ABC - not sure I've made my mind up on that yet. Could be misdirection, could be ABC as a method of enhancing stocks to select to trade or it could be ABCs on lower timeframe for day trading. Again, as I look at this stuff anyway - it' doesn't hurt to consider these things.
GAPs have been mentioned which brings to mind Crabel as well as the fact that a lot of gapping stocks (depending on the percentage) do have a nice rebound. I had dismissed Crabels work a long time ago as it smacks of backtesting/curve fitting to me. Which, as I am not enamoured with following past patterns, goes against my grain.
Now - can/should you put these things together to make a coherent system ? Perhaps. Have I done it ? not yet. I just have some new things to observe and some look promising. Observation costs me nothing other than a bit of brainwork.
One thing that I never figured out yet is the significance, if any of the phrase "I will only help those who are willing to help themselves and others" - I don't think it has been put in this thread many times by accident. Neither were 'ABC' and the occasional butterfly.
In terms of has TE displayed some knowledge - well, he has I'm afraid - it's just highly obfuscated. It appears he at least knows the framework of daytrading.
I would recommend to any readers of this thread an interesting book. Trouble is - I have this urge to put it in a riddle.
You know in Scottish
Who wanted to eat Red Riding Hood
He started moving
And couldn't stop
I guess that's what having a full head o' steam does for you
Even I'm at it now....
BTW - if you want a list of yesterdays 'nicest movers up' - here's the list my apres-market scanner gave me.
All NYSE/NASDAQ, $10-$80, Avg vol > 500,000, Daily range > 80c
VMC Vulcan Materials
MEE Massey Energy
UFS Domtar Corporation
FFIV F5 Networks
FDS FactSet Research Systems Inc
LAMR Lamar Advertising 'A'
NBL Noble Energy
GRMN Garmin Ltd
CELG Celgene Corp
LEA Lear Corporation
S&P500 top 10
VMC Vulcan Materials
MEE Massey Energy
AZO AutoZone Inc
BEN Franklin Resources
NBL Noble Energy
CELG Celgene Corp
IP Intl Paper
TROW T.Rowe Price Group
LNC Lincoln Natl Corp
PPG PPG Indus
BTW - yes I know there's some overlap. Look at the daily charts, then look for the news on each stock. The results are sometimed suprising.
PS - TE did PM me something else of interest - but said I'd have a nasty slip in the bathroom if I revealed it.
